Business Risk Assessment
Conducting a risk assessment on your site or facility can help reduce damages from breaches. A security risk assessment identifies, assesses, and implements key security controls at sites. In addition, it also focuses on preventing security defects and vulnerabilities.
It can be used to help an organization select the appropriate security controls based on business needs and a cost-benefit analysis.
Define Requirements
Every assessment should have a formal framework. Depending on the industry each assessment requirements may vary. The organization should adopt security standards if no industry standards exist.
Risk Identification
An audit must adequately identify risk across an organization. In other words, anything that threatens the organization or its operations.
The risk assessment must identify the organization’s assets to account for the value at risk. In addition, the assessment will detect threats and vulnerabilities used by those threats.
For instance, an auditor identifies a vulnerability that can be used to steal an asset.
Analyze Risks
Risk analysis typically involves understanding how a threat might occur, which requires you to identify a vulnerability in your assets and a threat that could exploit the vulnerability.
There are three factors that are apart of risk. First, an asset is something of value that needs protection. Second, a threat is something that can affect the asset. Third, a vulnerability is a weakness that allows the threat to affect the asset.
Once an auditor identifies the risk they must analyze it. They will analyze and categorize vulnerabilities on severity. so
The audit framework will have a score for each vulnerability and a likelihood of occurrence. For example, death of an executive by an attacker is high in severity. so
Evaluate Risks
An organization must evaluate the vulnerabilities and decide which categories are an acceptable level of risk and those that must be immediately addressed. so
Solutions
After an auditor conducts an evaluation, they will develop solutions to fix the issues. As a result, these solutions will mitigate the risk. so
Risks should be prioritized and the organization should be based on existing controls. so
At PMV Security Group, we understand the necessity for risk assessments and possess the experience to provide the best quality security services. so
If you would like to learn more about the security services we offer check out our main page. so
Interested in a career in security? Check out our career opportunities.
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